1 MARCH 1924, Page 2

Although the expert committees have not yet reported, it seems

almost certain that a very important proposal will be made for an international loan secured on the German railways. Apparently half of the proceeds of this loan, which may be for £250,000,000, would go to France and Belgium, and the rest would be used for stabilizing the mark. If the British people were invited, as seems to be intended, to subscribe to the loan but not to expect any direct benefit from it, we should still think it worth while to subscribe. We have always held that the maximum of profit to ourselves will come from the restoration of Europe rather than from payments in the form of reparations.

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